London Stock Exchange chief cashes in shares worth £4.5million after revealing he will stand down

The boss of the London Stock Exchange has sold £4.5million of shares – just one day after he revealed he was quitting the business.

Xavier Rolet will stand down in 2018 after nine years at the helm, during which time he has amassed a multi-million pound stake in the firm.

The 57-year-old Frenchman has begun to cash in this treasure trove, selling 117,232 shares on Friday for around £4.5million.

It leaves him with a stake worth £16.6million at today’s prices owned outright, plus another tranche of stock valued at up to £13.3million if he hits bonus targets. He has overseen LSE’s growth from an £800millon company to one worth £13.4billion today.

However, he will also be remembered for a failed effort to sell the 216-year-old exchange to German rival Deutsche Borse.

Insiders insisted his decision to quit was not linked to the collapse of the Deutsche deal.

Rolet is a keen amateur motor racer who has competed in the cross-desert Dakar Rally several times. He also owns 74 acres of vineyards in Provence.